Rebound Predicted For South Korea Stock Market

(RTTNews) - The South Korea stock market on Wednesday snapped the two-day winning streak in which it had advanced almost 20 points or 0.9 percent. The KOSPI now rests just beneath the 2,150-point plateau although it figures to bounce higher again on Thursday.

The global forecast for the Asian markets suggests mild upside on sound economic data and a spike in crude oil prices. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.

The KOSPI finished modestly lower on Wednesday as the financials and technology stocks were mostly in the red.

For the day, the index sank 8.77 points or 0.41 percent to finish at 2,148.41 after trading between 2,134.16 and 2,154.11. Volume was 279.21 million shares worth 3.98 trillion won. There were 401 gainers and 400 decliners.

Among the actives, Shinhan Financial collected 0.35 percent, while KB Financial retreated 1.75 percent, Hana Financial dropped 1.05 percent, Samsung Electronics tumbled 1.79 percent, LG Electronics soared 2.55 percent, LG Display shed 1.65 percent, SK hynix skidded 1.33 percent, SK Telecom declined 1.01 percent, KEPCO was down 1.13 percent, Hyundai Motor plunged 2.39 percent, Kia Motors slid 0.72 percent, LG Chem shed 0.68 percent and POSCO perked 1.59 percent.

The lead from Wall Street is positive as stocks opened higher on Wednesday. The major averages gave ground as the day progressed but still finished firmly in the green.

The Dow added 148.23 points or 0.58 percent to 25,702.89, while the NASDAQ gained 52.37 points or 0.69 percent to 7,643.41 and the S&P 500 rose 19.40 points or 0.69 percent to 2,810.92.

The strength on Wall Street reflected a positive reaction to a Commerce Department report showing an unexpected increase in durable goods orders in January. Also, the Labor Department noted a modest increase in producer prices in February.

Oil prices rallied sharply on Wednesday after data showed U.S. crude inventories dropped last week. West Texas Intermediate Crude oil futures for April ended up $1.39 or 2.4 percent at $58.26 a barrel, the highest settlement in four months.
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